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Posted in Auto Loans
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Question By
mmango

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Have 3 credit cards and applying for an Auto Loan in the future
I have had my first credit card for around a year now.. about 2 months ago i applied for my second credit card and its been paid completely off. I recently just got approved for a third credit card and now i fear that this may hurt my chances of getting approved for an auto loan in the future. do you think having three credit cards will hurt my chances of being approved for an auto loan in the next 3-4 months. I am 21.

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No it shouldn't hurt, but use the following advice. Don't apply for any more credit whatsoever until you go to get your auto loan. Always let one card report a small balance each month at statement time (less than 10% of the credit line) then you can pay it off before the due date. It is very important to let one card report a small balance because if you don't your scores will be penalized for not showing any revolving activity. In addition to that, save up as much as you possibly can for a down payment, the bigger the down payment the more the chance of approval. Also keep in mind that sometimes it is better to try financing through a dealer even if it may be higher rates than credit unions and whatnot when you thin credit or less than good credit.

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